American Express Global Business Travel (Amex GBT), which is operated by Global Business Travel Group, Inc., has entered into a definitive agreement to acquire CWT, a global business travel and meetings solutions provider, for approximately $570 million. The transaction is expected to close in the second half of 2024.
CWT serves 4,000 customers and is expected to generate approximately $850 million of revenues and $70 to $80 million of Adjusted EBITDA in 2024.
Paul Abbott, Amex GBT’s CEO, said: “Bringing CWT onto the proven Amex GBT software and services model will create more choice for customers, more opportunities for people and more value for shareholders.”
After the acquisition closes, CWT customers will have access to Amex GBT’s proprietary software and services for travel and expense, including Neo1, Neo and Egencia, in addition to Select, which enables customers to integrate with leading technology partners. Customers will have access to a broad portfolio of professional services, including meetings and events, consulting and sustainability solutions and Amex GBT’s marketplace will provide access to the most comprehensive and competitive content in the industry.
CWT CEO, Patrick Andersen, added: “Joining forces with Amex GBT helps accelerate our vision of a tech-enabled future for business travel, where people and technology combine to deliver an exceptional customer experience. We are highly confident in the value creation of the combined company.”
For more information, visit www.amexglobalbusinesstravel.com.
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